BioDelivery Sciences International, Inc.

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Ademi LLP is investigating BioDelivery Sciences (NASDAQ: BDSI) for possible breaches of fiduciary duty and other violations of law in its transaction with Collegium.

Ademi LLP alleges BioDelivery Sciences’s financial outlook and prospects are excellent and yet BioDelivery Sciences shareholders will receive only $5.60 per share, implying a fully diluted equity value of approximately $604 million The merger agreement unreasonably limits competing bids for BioDelivery Sciences by prohibiting solicitation of further bids, and imposing a significant penalty if BioDelivery Sciences accepts a superior bid. BioDelivery Sciences insiders will receive substantial benefits as part of change of control arrangements.

We are investigating the conduct of BioDelivery Sciences’s board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for BioDelivery Sciences.